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Toko Token is the crypto for Tokocrypto, a leading Indonesian exchange.
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The token has come to the spotlight following Binance acquisition rumors.
Toko Token price went vertical on Monday as concerns about the crypto industry continued. The TKO token surged to a high of $0.4131, which was the highest level since December 9. It has jumped by more than 60% from the lowest level this year, giving it a market cap of over $41 million.
What is Tokocrypto?
Indonesia is one of the biggest economies in the world. It has a huge population of more than 276 million and has the 16th biggest GDP globally. Indonesia also has a growing middle class as it experienced strong growth in 2022.
Toko Crypto is a leading company that aims to become the biggest centralized and decentralized exchange in Indonesia. A key benefit for the exchange is that it developed BIDR, a stablecoin pegged to the Russian rupiah, which is valued at more than $14.4 million.
BIDR is hosted in the BNB Smart Chain, which is the second-biggest blockchain in the world after Ethereum. Recently, there have been concerns about Binance following the collapse of FTX, the second-biggest exchange in the world.
Toko Token price has come in the spotlight recently after reports emerged that Binance was considering acquiring the company. We wrote about this here. Binance is already a big investor in the company after it invested in it two years ago.
Still, with Binance being under pressure, there is a likelihood that the acquisition will not go on. Binance has seen over $7 billion in outflows amid rising Binance FUD concerns. Therefore, the rebound of TOKO is likely because of the fear of missing out (FOMO) following these cryptocurrency news.
Toko price also jumped as its trading volume rose. The volume of TKO has jumped by more than 1,490% in the past 24 hours. This is a positive sign for the token. However, with TKO being a centralized exchange token, there are concerns about its real worth.
Toko Token price forecast
The hourly chart shows that the TKO price jumped sharply on Monday amid acquisition rumours. As it rose, the token managed to move above the important resistance level at $0.3. This was the higher side of the descending channel show in black.
Toko has also moved above the 25-period and 50-period moving averages. It also moved above the overbought level. Therefore, I suspect that the token will resume the bearish trend and then retest the support at $0.30. A move above the resistance at $0.41 will invalidate the bearish view.